Samsung profits boosted by mobile phone sales

Samsung Electronics has reported a record quarterly profit for the three months to the end of June, which was boosted by a surge in sales of smartphones.

Operating profit was 6.72 trillion won (£3.8 billion) in the second three months of the year, which is a huge increase of 79 per cent when compared to the same period last year.

Samsung has been raised by its very popular Galaxy range and even overtook Nokia as the world's largest maker of mobile phones during the first quarter of this year.

According to Juniper Research, sales of the new Galaxy S3 helped extend the company's lead over Apple in the smartphone market.

Kim Young-chan of Shinhan Investment Corp told BBC News: "Given the situation that 60 per cent of Samsung's profits come from smartphones and smartphone-related components, the growing profit in handsets sales will make up for the loss in TV or traditional electronic devices."